Forest City buys back $15 million of 3.625% convertibles during third quarter

By Angela McDaniels

Tacoma, Wash., Dec. 9 - Forest City Enterprises, Inc. purchased $15 million of its $287.5 million 3.625% putable equity-linked senior notes due 2011 in the open market during the fiscal third quarter ended Oct. 31.

The company paid $10.57 million in cash for the notes, resulting in a net gain of $4.18 million.

The company reported the purchase in its 10-Q report for the fiscal third quarter, which was filed with the Securities and Exchange Commission Tuesday.

As of Oct. 31, the amount of notes outstanding is $272.5 million.

Forest City Enterprises is a Cleveland-based diversified real estate company that manages, acquires and develops malls, shopping centers, office properties, apartment buildings and planned communities.

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